Iran Pens $900M Offshore Gas Field Development Deal

Reuters
Monday, February 6, 2023

Iran signed a $900 million contract on Saturday with Iranian Offshore Engineering and Construction Co (IOEC) to develop the first phase of its Kish offshore gas field in the Gulf, state television reported.

Under the contract, IOEC is to launch production of 28 million cubic meters per day of gas in 14 months, which is to be sent to installations in Assalouyeh on Iran's Gulf coast via a 210 km (130 mile) undersea pipeline, Mohsen Khojastehmehr, head of the state-run National Iranian Oil Co, told the TV. 

The gas field, located near Iran's Gulf island of Kish, holds 1.5 trillion cubic meters of gas in place and is to be developed in four phases, Khojastehmehr said. 

Iran sits on the world’s second-largest gas reserves after Russia, but U.S. sanctions have scared off potential foreign investors, hindered access to technology and slowed development of gas exports.

(Reporting by Reuters' Dubai newsroom/Editing by Mark Potter)

Categories: Energy Middle East Industry News Activity Production Pipeline

Related Stories

Yinson Production Secures $1.17B Refinancing for FPSO Maria Quitéria

Centrica and Thailand’s PTT Ink Long-Term LNG Supply Deal

Petrovietnam, Partners Sign PSC for Block Off Vietnam

CNOOC Starts Production at Offshore Field in South China Sea

Indonesia's Medco Starts Production at Natuna Sea Fields

China's ENN, Zhenhua Oil Ink LNG Supply Deals with ADNOC

Pakistan’s OGDC to Start Production at ADNOC’s Offshore Block by 2027

Woodside to Shed Some Trinidad and Tobago Assets for $206M

‘Ultra-Mega’ Offshore Deal for L&T at QatarEnergy LNG’s North Field Gas Scheme

Shell Launches Next Phase of Malaysia's Deepwater Project with First Oil Production

Current News

One Shelf Drilling Rig Up for New Job in India, Other for Disposal

Four Jack-Up Drilling Rig Deals Set to Bring In $129M for Borr Drilling

PTTEP Hires Velesto’s Jack-Up Rig for Drilling Campaign off Malaysia

Yinson Production Secures $1.17B Refinancing for FPSO Maria Quitéria

Centrica and Thailand’s PTT Ink Long-Term LNG Supply Deal

Petrovietnam, Partners Sign PSC for Block Off Vietnam

Japan Protests China’s New Oil and Gas Construction Activities in East China Sea

CNOOC Signs Hydrocarbons Exploration and Production Deal with Kazakhstan

Thailand's PTT to Buy LNG from Glenfarne's Alaska LNG Project

Woodside and Jera Agree LNG Cargoes Supply for Japan’s Winter Period

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com